NORCROSS, Ga., Aug. 10 /PRNewswire/ -- Unisource Worldwide, Inc., one of the leading distributors of paper, packaging and facility supplies in North America, has successfully entered into a new senior-secured revolving credit facility.
The new facility is lead by Banc of America Securities LLC, Wells Fargo Foothill, LLC and GE Capital Markets, and provides for up to $575 million of borrowings with a scheduled maturity date of August 2012. The agreement also provides additional liquidity to Unisource by allowing the company to increase the size of the facility up to $700 million.
"This refinancing demonstrates our strong financial position and is a testament to our lenders' confidence in our ability to outperform the marketplace," said Al Dragone, Unisource CEO.
"During the past three and a half years, the company has reduced our bank borrowings by approximately $285 million through the generation of free cash flow," said Dragone. "Our new credit facility provides us with significant liquidity to pursue acquisitions and strengthens our capability to expand our operations outside North America," he said.
About Unisource Worldwide, Inc.
Unisource Worldwide, Inc., (www.unisourcelink.com) is a leading independent marketer and distributor of commercial printing and business imaging papers, packaging systems and facility supplies and equipment in North America. Headquartered in Norcross, Ga., Unisource is one of the largest private companies in the United States and offers the most comprehensive suite of products and services in the industry. With more than 6,000 team members - including sales, customer service and technical support specialists; approximately 85 distribution centers; and a fleet of "Big Red" trucks - Unisource can deliver what your business needs when and where you want it - locally, regionally and nationally.
SOURCE Unisource Worldwide, Inc.